PUBLISHER: Meticulous Market Research Pvt. Ltd. | PRODUCT CODE: 1184650
PUBLISHER: Meticulous Market Research Pvt. Ltd. | PRODUCT CODE: 1184650
The research report titled, 'Smart Retail Market by Offering (Hardware, Software, and Services), Technology, Application (Customer Experience Management, Supply Chain Management), End User (Supermarkets, Department Stores, Specialty Stores) and Geography-Global Forecasts to 2030'', provides in-depth analysis of the smart retail market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2030.
The global smart retail market is expected to reach $91.36 billion by 2030, growing at a CAGR of 22.4% during the forecast period of 2023-2030.
The growth of the smart retail market is driven by the growing need to enhance customer experiences & retail operations and the increasing number of smart stores. However, the lack of technology adoption in the unorganized retail sector restrains the growth of this market. The rising cases of shoplifting and the increasing adoption of disruptive technologies to forecast future market trends are expected to create growth opportunities for the stakeholders in this market. However, legal concerns & data privacy issues are major challenges for market growth. Additionally, the growing adoption of cloud services in the retail sector and the advent of computer vision in the retail sector are prominent trends in this market.
Based on offering, the smart retail market is segmented into hardware, software & analytics, and services. In 2022, the hardware segment accounted for the largest share of the global smart retail market. The large market share of this segment can be attributed to the growing demand for IoT deployments for various applications in the retail industry, the increasing number of smart stores, and the growing investment in technology by retailers. However, the software & analytics segment is projected to register the highest CAGR during the forecasted period. The enormous increase in the availability of customer data and the growing need for more accurate predictions of the future state of the business, coupled with increasing awareness of the importance of analytics solutions in the retail industry, are expected to drive the growth of this segment.
Based on technology, the smart retail market is broadly segmented into IoT big data analytics, AI, robotics, cloud computing, and others. In 2022, the IoT segment accounted for the largest share of the global smart retail market. The growing customer demand for a seamless shopping experience, increasing adoption of smart payment solutions, and rapidly declining cost of Internet of Things sensors and hardware are the key factors driving the large market share of this segment. However, the AI segment is projected to register the highest CAGR during the forecast period. The growth in the segment is driven by factors such as perpetually growing internet users and smart devices, increasing awareness about AI and big data & analytics, and government initiatives towards digitization.
Based on application, the smart retail market is broadly segmented into customer experience management, supply chain management, store operations, inventory management system, smart payment systems, and others. In 2022, the store operations segment accounted for the largest share of the global smart retail market. However, the customer experience management segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the growing need to understand customer buying behavior for a more personalized customer experience and the advent of technologies, such as Artificial Intelligence (AI), Machine Learning (ML), and business process automation to streamline marketing operations.
Based on end user, the smart retail market is segmented into supermarkets, hypermarkets, specialty stores, department stores, and others. In 2022, the hypermarket segment accounted for the largest share of the global smart retail market. The large market share of this segment is attributed to the growing adoption of smart devices such as beacons, sensors, and interactive kiosks to ensure compliance, mitigate risk, decrease costs, and increase revenue. However, the department store segment is projected to register the highest CAGR during the forecast period.
Based on geography, the smart retail market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific accounted for the largest share of the global smart retail market, followed by North America, Europe, Latin America, and the Middle East & Africa. The large share of this region is mainly attributed to the indispensable requirement of retailers to digitalize their traditional business operations, the presence of major analytics players, and the rapid adoption of mobile devices and cloud technology. Furthermore, the rapidly increasing e-commerce industry is expected to help the region continue its dominance in the coming years.
The key players operating in the global smart retail market are IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Honeywell International Inc. (U.S.), PTC Inc. (U.S.), NVIDIA Corporation (U.S.), Amazon.com, Inc. (U.S.), NCR Corporation (U.S.), PAX Global Technology Limited (China), Ingenico (France), Google LLC (U.S.), Huawei Technologies Co., Ltd. (China), Samsung Electronics Co., Ltd. (South Korea), VeriFone, Inc. (U.S.), NXP Semiconductors (Netherlands), Fiserv, Inc. (U.S.), Trigo Vision Ltd. (Israel), Caper (U.S.), and Zippin (U.S.).
Smart Retail Market by Offering
Smart Retail Market, by Technology
Smart Retail Market, by Application
Smart Retail Market, by End User
Smart Retail Market, by Geography
2.2. Data Collection & Validation
2.3. Market Assessment
2.4. Assumptions for the Study
3.2. Market Analysis, by Offering
3.3. Market Analysis, by Technology
3.4. Market Analysis, by Application
3.5. Market Analysis, by End User
3.6. Market Analysis, by Geography
3.7. Competitive Analysis
4.2. Market Dynamics
4.3. Case Studies
6.3. Software & Analytics
7.3. Big Data Analytics
7.6. Cloud Computing
7.7. Other Technologies
8.2. Store Operations
8.3. Inventory Management
8.4. Customer Experience Management
8.5. Supply Chain Management
8.6. Smart Payments
8.7. Other Applications
9.4. Department Stores
9.5. Specialty Stores
9.6. Other End Users
10.3. North America
10.5. Latin America
10.6. Middle East & Africa
11.2. Key Growth Strategies
11.3. Competitive Benchmarking
11.4. Vendor Market Positioning
11.5. Market Ranking by Key Players
12.1. Intel Corporation
12.2. Amazon.com, Inc.
12.3. NCR Corporation
12.4. PTC Inc.
12.5. NVIDIA Corporation
12.6. IBM Corporation
12.7. Microsoft Corporation
12.8. Huawei Technologies Co., Ltd.
12.9. Google LLC (A Subsidiary of Alphabet inc.)
12.11. Verifone, Inc.
12.12. NXP Semiconductors N.V.
12.13. Trigo Vision Ltd.
12.14. Honeywell International Inc.
12.15. Fiserv, Inc.
12.16. Samsung Electronics Co., Ltd.
12.17. Caper (A Subsidiary of Instacart)
12.19. PAX Global Technology Ltd.
13.2. Available Customization
ist of Tables